Pump prices to go up this weekMANILA, Philippines — Local pump prices are expected to slightly increase next week after six straight weeks of price cuts. In its forecast, Unioil said motorists should expect fuel prices to go up next week by as much as 50 centavos per liter. In the past trading week, oil prices recouped losses on Thursday on hopes that a production cut deal among members of the Organization of Petroleum Exporting Countries (OPEC) and allied producers could prop up prices. However, global oil prices faltered at the week’s close on doubts that the deal would be enough to offset the collapse in global fuel demand caused by the coronavirus pandemic, which has dramatically slowed down economies. Last week, local oil companies rolled back gasoline prices by P0.35 per liter, diesel prices by P0.75 per liter and kerosene prices by P0.70 per liter.

Source: Philippine Star April 11, 2020 15:56 UTC